Stock Picks Today: HDB Financial Services, Tata Motors, SBI, L&T Tech, Trent, Voltas On Brokerages' Radar

HDB Financial Services Ltd., Sai Life Sciences Ltd., Tata Motors Ltd., State Bank of India, L&T Tech, Trent Ltd., Voltas Ltd., are among the companies garnering brokerage commentary today.

Analysts have shared their insights and, in several cases, revised their target prices based on their updated fundamental outlooks for these firms, broadly based on the first quarter financials that the players have put out. Here are the key analyst calls to watch out for today:

UBS

• Initiated Neutral; target price of Rs 790.

• Strong franchise, fairly valued.

• Forecast mid-teen assets under management CAGR over FY25-28.

• Diversified portfolio with significant cyclicality.

• Asset quality direction near-term most important.

Goldman Sachs

• Initiated Neutral; target price of Rs 808.

• Diversified franchise with a niche.

• ROA/growth profile to improve.

• Valuations fair.

• Expect PAT growth of 24% CAGR over FY25-28.

• See robust loan growth potential with a market share of <1% in system loans.

• Execution remains key.

Morgan Stanley

• Initiated Equal-weight; target price of Rs 780.

• Good franchise; balanced risk-reward.

• Believe HDB has ingredients to deliver strong shareholder returns long-term.

• Over the past five quarters, bad loans have risen and loan growth has slowed.

• Expect a gradual recovery but not until H2FY26.

• Valuation looks full.

Jefferies

• Upgraded to Buy from Hold; hiked target price to Rs 1,000 from Rs 800.

• Q1: Windfall Beat, Strong Near-term Outlook.

• Sai Life delivers all-around beat.

• Sai investing in Infra to support growth.

• CMC, CDMO has strong growth visibility.

• Don’t foresee impact due to MFN.

• Believe Sai provides best near-term growth visibility backed by commercial projects.

Jefferies

• Maintained Underperform; cut target price to Rs 550 from Rs 600.

• Big Miss in Q1 amid rising headwinds; Q1 Ebitda falls to 10-quarter low.

• Brokerage sees multiple headwinds across businesses.

• JLR is facing increased competition and consumption tax in China, higher warranty costs, and BEV transition.

• Key models are starting to age.

• In India, PV market share is slipping and margin is under pressure, while CV demand is weak.

• Unconvinced about Iveco acquisition too.

• Cut FY26-28E EPS by 8-15%.

Macquarie

• Maintained Outperform; target price of Rs 753.

• Muted quarter in a challenging macro climate.

• Strong CV margin; PV disappoints.

• JLR margin upside as deal tariffs come into effect.

• Believe near-term upside is capped due to JLR demand uncertainty in the current macro environment.

• Prefer M&M and TVS in India auto.

CLSA

• Maintained Outperform; target price of Rs 805.

• Going through tough times.

• Margins for JLR and CV were better than expected, while PV was lower.

• Cautious on JLR volume growth for FY26; build a 9% YoY volume decline with 5.5% Ebit margin.

Morgan Stanley

• Maintained Equal-weight; hiked target price to Rs 885 from Rs 850.

• Q1: In-line core PPoP and good asset quality.

• RoA stays above 1% partly helped by treasury gains.

• Core PPoP was in-line despite lower rates.

• NII miss was offset by lower costs.

• Bank continued to gain market share in loans and deposits.

• CET 1 ratio also did well.

Macquarie

• Maintained Underperform; target price of Rs 720.

• Q1FY26: PAT beat primarily driven by higher treasury gains.

• Credit cost normalizes; all eyes on 1% ROA target.

• See downward pressure on margins, normalisation of credit cost, and limited support from treasury profit in the coming quarters.

Jefferies

• Maintained Buy; hiked target price to Rs 970 from Rs 960.

• Brokerage notes steady performance that continues in the first quarter.

• Steady loan growth with manageable NIMs.

• Asset quality largely stable.

• Management retained ROA guidance of 1% & domestic NIM of 3%.

Morgan Stanley

• Maintained Equal-weight; target price of Rs 270.

• Q1: Continued transition pains, pivot back to gold loans.

• Focus is back on gold loans – target 75% of consolidated AUM and 18-19% gold loan yields like peers.

• Cut FY26-28 consolidated EPS by 14% each due to miss at Asirvad and lower standalone gold loan yields.

Jefferies

• Maintained Hold; hiked target price to Rs 275 from Rs 240.

• Q1 Results: Profit Beat on Lower MFI Provision.

• Lower NIM set to drag NII Growth.

• Customer growth was muted despite cutting yields.

• Lower NIMs, unwinding of non-gold loans & elevated MFI provisions will weigh on earnings.

• Valuation seems reasonable.

• See more confidence around delivery of a turnaround by new CEO as key to rerating.

ICICI Securities

• LPG compensation is a material boost to fortunes.

• Helps offset margin worries for fiscal year 2026.

• LPG losses anyway trending sharply lower for fiscal year 2026, year-on-year.

• Operational metrics have taken a hit near-term, but we remain optimistic on structural trends.

• Valuations attractive – we remain positive.

• IOCL – Maintained Buy; cut target price to Rs 175 from Rs 190.

• BPCL – Maintained Buy; cut target price to Rs 380 from Rs 410.

• HPCL – Maintained Buy; target price of Rs 510.

Macquarie

• Maintained Outperform; target price of Rs 5,770.

• Margin bottoms out, revenue growth to accelerate.

• Segmental margin mix suggests a margin recovery by FY27E.

• Large deal wins of over US $200 million for a third straight quarter.

• The high-margin sustainability segment continues to grow.

Macquarie

• Maintained Outperform; target price of Rs 7,200.

• Believe employee cost reduction is more structural.

• Employee cost benefit largely on the back of technology.

• Do not expect gross margin to see a material correction on a year-on-year basis for financial year 2026.

• Sees Trent's expansion into new cities expanding the growth vectors.

• Sees Trent balancing such expansion with store splits in existing cities.

• Trent looks to sustain the targeted 20-25% sales CAGR over the medium term.

• Trent is an Asia Marquee Buy and part of India Super 6s list.

Macquarie

• Maintained Outperform; target price of Rs 1417.

• Disappointing quarter.

• High inventory remains a near-term drag.

• Voltbek (white goods JV) continues to do well.

• Project and industrial machinery business delivered weaker than expected revenue growth.

Jefferies

• Maintained Buy; cut target price to Rs 1670 from Rs 1680.

• A Bad Quarter, But Good Franchise.

• Q1 was a miss, impacted by weaker volumes and scale back of factory operations mid-season.

• Early festive season, possibility of a second summer, new BEE rating and tactical cost control could help RAC recovery.

• Cut FY27-28 EPS by 2-3%; now estimate +19% CAGR over FY25-28.

• Post -30% dip YTD, Voltas trades at 36x FY27e PE, 22% below historical 5-year avg.

Goldman Sachs

• Maintained Sell; cut target price to Rs 1100 from Rs 1180.

• Another weak quarter; challenges remain.

• Improvement in EMP margins was the only positive.

• Magnitude of margin compression in AC reflects additional effort to drive sales.

• Also suggests how brand power is diluting in this industry.

• From hereon, room for positive surprise on AC margins is unlikely even though AC is on a structural growth path.

Equirus

• Maintained Add; target price of Rs 1600.

• From Mass to Class.

• ICICI Bank’s Aggressive MAB Hike Strategy - a tricky shift.

• Move makes ICICI Bank the highest MAB requirement holder among all banks.

• Believe the move could weigh on ICICIBC’s long-term prospects.

• It could slow CASA and retail TD growth.

• Could hinder rural customer acquisition and PSL targets.

• Could limit value creation from long-term relationships with early-career customers.

• Nifty continued its downward trajectory after breaking below its 50-DMA.

• Positioning the market for a pivotal test of key support levels.

• These levels are located in the 24,000-24,043 zone.

• As long as the price action respects this critical support zone, we continue to give the benefit of doubt to the upside.

• Upside target of 26,333 - essentially a retest of the 2024 highs.

• One challenge facing the Indian market is its relative underperformance compared to China.

• Examining the ratio of the India ETF to the China ETF, a clear downtrend is evident.

• The ratio has continued to weaken, with rallies encountering resistance at the falling 200DMA.

• The ratio is now approaching its March relative lows.

• A decisive breakdown below this level could exacerbate the relative underperformance of the Indian market.

• Support of 24,000-24,037, 21,722-22,144.

• Resistance of 25,030, 25,669, 26,277-26,333.